42-02 Orchard Street
Update
08/11/23
Queens' Tallest Building Begins Its Ascent
Subcontractor, Highbury Concrete, recently started forming the superstructure of a 69-story residential tower, going up at 42-02 Orchard Street in Long Island City.
According to Highbury, the job will require an impressive, 47,800 cubic yards of concrete and 6,700 tons of steel rebar.
Known as "The Orchard", the foot tall tower is set to become the tallest building in all of Queens. Developed by , and designed by , it will total square feet.
The Orchard will contain apartments, with most of these to be sold at market rate, and a select amount of units to be reserved for affordable housing. The building will feature approximately 100,000 square feet of tenant amenities, including a fitness center with a multi-sport simulator and a basketball court, a spa with a sauna and a steam room, a pair of swimming pools (one of which will be indoors), rooms for games and movie screenings, a dog spa, a bike storage area, a children's playroom, various workspaces and lounges, and a large roof deck, featuring a lawn, a running track, a pickleball court, BBQ stations, and yoga + fitness spaces.
In addition to residential units, the structure will offer square feet of ground-floor retail space, and an enclosed, two-story parking garage, with enough room for vehicles. The parking garage (which will feature many of the development's outdoor amenities on its roof) will likely be constructed after the tower tops out since the lot is currently being used for staging building materials and accepting concrete deliveries.
Back in June, the team secured a $425 million loan for the project. Arranged by Greystone and issued by a consortium of lenders, including M&T Bank, U.S. Bank, Bank of China, Israel Discount Bank of New York, City National Bank, and Bank Hapoalim, this extraordinary amount of capital is being used to fund all construction costs from start to finish.
The project site encompasses an entire block, which is bound by Orchard Street, Jackson Avenue, and Queens Street. , is serving as the general contractor for the build, and work is ultimately expected to finish in 2026.
